India’s leading and biggest IT services company Tata Services Consultancy (TCS) announced its financial results report of the quarter ending December 2021. Tata Consultancy Services reported a net profit of Rs. 9769 crore with a growth rate of 12.27% in net profit.
Whereas, the net profit in the previous quarter ending September 2021 was estimated to be around Rs. 9,624 crore with a growth rate of 6.84%.
The net profit in September 2020 was Rs. 7,475 crore and representing a growth rate of 6.66%
TCS’ board also announced buyback share at Rs 4500 per equity share. The company will buy shares worth Rs 18000.
“We continued our focus on growing organically and on developing the talent, methodologies, and toolkits for an ever-evolving technology landscape. We are also delighted to cross another important milestone in our journey, hitting the $25 billion revenue mark in CY2021,” said N Ganapathy Subramaniam, Chief Operating Officer & Executive Director, TCS.
Furthermore, TCS said its operating margin stood at 25 per cent for the quarter, down 1.6 per cent YoY. Net cash from operations was at Rs 10,853 crore which is 111.1 per cent of net income. It further said that the company’s IT Services attrition rate was at 15.3 per cent, the “lowest” in the industry.
“Our sustained investment in our talent has helped us power strong growth despite a challenging supply environment. We remain focused on long term talent development as well as on tactical measures to mitigate the talent churn. We have exercised various operating levers in Q3 to mitigate the higher costs and manage our employee expense,” said Samir Seksaria, Chief Financial Officer, TCS.